Structural Regulation

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

Fraud, Scams & Cybercrime

Malaysia SC Fines Fund Consultant for Breaching Securities Laws

06/08/2024

The former Kenanga Investors Berhad consultant misappropriated investor funds and provided falsified statements of accounts.

Credit Risk

New Zealand Eases Loan Affordability Assessment Rules

06/08/2024

The government has removed prescriptive loan affordability requirements from the Credit Contracts and Consumer Finance Act.

Trading & Investment

HKEX to Hold Practice Session for Severe Weather Trading

06/08/2024

The 24 August session is intended to help EPs prepare for implementation of Severe Weather Trading (SWT) arrangements next month.

Anti-Money Laundering

Hong Kong’s Insurance Authority Fines AIA for AML Lapses

06/08/2024

The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

Anti-Money Laundering

HK Court Convicts Ex-Sunway Employee for Money Laundering

06/08/2024

The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

Operational Risk

APRA Removes NM Super’s Additional Licence Conditions

06/08/2024

The additional licence conditions were imposed by APRA in 2019 over governance and risk management concerns.

Structural Regulation

Australia, Vietnam to Cooperate on Capital Market Development

05/08/2024

The MoU between ASIC and Vietnam’s SSC establishes a formal information-sharing mechanism between the two regulators.

Reporting & Disclosures

Australian Court Orders Mercer to Pay A$11.3mn for Greenwashing

05/08/2024

The case against Mercer Superannuation was ASIC’s first greenwashing action brought before the Federal Court.